Life insurance helps you protect the home and life you have built in Virginia, even after you are gone. You can get local quotes on life insurance in just about any part of the state, from Richmond to Lexington, and from Orange County to Scott County. Virginia is a wonderful place to raise a family, work, and start a business. You may have relatives or children who depend on your financial support. That's why finding a comprehensive policy is so important.
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Life Expectancy in VA
During the last 25 years, life expectancy in the United States increased from 70.8 to 76.1 years for men and from 77.8 to 80.8 years for women.
In the past, Virginia has ranked 25th nationally for male life span at 76.3 years, which is slightly above the national average of 76.1 years. Female life expectancy was 80.7, ranking 26th nationally and slightly below the national average of 80.8 years.
The top five leading causes of death in Virginia are:
- Heart disease
- Lung disease
- Accidental death
No one likes to think about how they may go out. But, if like most Virginians, you have loved ones who rely on you, careful thought about their future will help you decide which type of life insurance policy is right for you.
What Type of Life Insurance Should I Buy?
Most Virginia insurance providers can offer a quote on a policy for either term or whole (sometimes called permanent) life insurance. The differences between the two are many and the type you choose will depend on your circumstances and those of your dependents.
It is helpful to work with an experienced local insurance agent while navigating the many aspects of life insurance to find a quote suitable for you.
What is Term Life Insurance?
Term life insurance is a life insurance policy that provides a death benefit to the policyholder’s beneficiaries if that person dies within the specified term of the policy. Terms are typically set for 5, 10, 20 or 30 years, but you can buy term life insurance anywhere from one to 40 years.
You may have the option of paying your term life insurance premium annually, monthly, or as a lump-sum payment up front.
If you pass away during the term of the policy, your designated beneficiary will choose how to receive these benefits. One option is a lump sum payment, but there are also annuity options, which provide a yearly payout.
Term life insurance is a highly flexible vehicle that can help you plan for a wide range of future needs. Most Virginia insurance providers will even allow you to transfer your term life insurance policy into a whole or permanent policy.
What Does Term Life Insurance Cover?
Term life insurance provides death benefits to the designated beneficiaries of the policyholder. People typically buy term life insurance to cover the cost of living for their families, as well as large expenses like college tuition, in the event that they pass away during a specified term. Sometimes people buy just enough term life insurance to cover end of life expenses and funeral costs, sometimes called funeral insurance.
Typically, term life insurance offers benefits ranging from $25,000 up to as much as $2 million dollars.
The benefit amount of your term life insurance policy will depend on the number of things you want covered in the event of your death. You might want to factor in your family's anticipated future costs, such as:
- Your family’s annual living expenses
- Any anticipated costs your family will face in the foreseeable future, such as needed repairs to your home or a new family car
- The remaining balance on your mortgage
- If your children are still minors, you may want to factor the cost of their college education
Once you add up the expenses you want your term life insurance to cover, you can then deduct any assets, such as savings and investments, that would also help to cover those costs to help you arrive at an appropriate coverage amount.
What Is Whole Life Insurance?
Whole, or permanent life insurance is a form of life insurance that covers you for life and offers your family protection from financial hardship. Additionally, a permanent life insurance policy can be an investment vehicle as it has a cash value accumulation feature that grows steadily over time. In some cases, you can borrow or withdraw a portion of the cash value and use those funds for living expenses or to pay your premiums. Permanent life insurance policies also offer a number of tax advantages.
While you can, in some cases, secure a term life insurance policy in Virginia without a medical exam, whole or permanent life insurance policies generally require that you submit to health screenings.
What Does Whole Life Insurance Cover?
Most Virginia insurance providers will give you the following permanent life insurance options:
- Whole life
- Universal life
- Variable life
Whole Life Insurance: This option remains in effect for a person’s lifetime. This coverage includes both a death benefit and a cash value accumulation component. The cash value grows regardless of whether your Virginia insurance company performs well on its investments. This vehicle is extremely flexible:
- You can use the cash value, or savings portion, as collateral.
- You can withdraw or borrow against it.
- You also have the option of buying the policy at a surrender value, which means you can cancel the policy for a single cash payment.
Universal Life Insurance: This insurance is very similar to a whole life policy, except that it has additional flexibility. With this option, you can maintain the same death benefit from year to year or set the death benefit equal to the original amount plus the cash value accumulation. This coverage option also:
- Allows you to decide how much of your premium will go toward insurance, and how much will go into the savings portion; and
- Allows you to earn higher interest on your cash value accumulation when inflation rates are high, and minimum guaranteed interest rates when inflation rates are lower
Variable Life Insurance: This is a lifetime policy with that features:
- A guaranteed minimum death benefit.
- Allows you to select which performance portfolio you want to invest your money in, such as opting to invest the savings portion of the premium into either stocks, bonds or a money market fund; the performance of this cash saving feature is dependent on how well the investment performs
Where Can I Find Quotes on Life Insurance?
Many factors go into the decision on which life insurance policy quote to purchase. That's why it is so important to work with an experienced agent who can help identify the financial obligations you will have for your family in the event of your passing. A knowledgeable independent insurance agent on the Trusted Choice® network can help you navigate the complexity of life insurance, find you multiple quotes on life insurance policies from a variety of Virginia providers and give you peace of mind knowing your loved ones will be cared for long after you're gone. Contact an agent near you to start.